Sometimes, a person may get into a situation where they are unable to pay their debts. In such cases, filing for bankruptcy is the only option for them. It gives them another chance to fresh start their financial life, but it makes things very difficult for the 5-10 years following the declaration. It is not very easy to get mortgage refinance after bankruptcy. However, if you follow certain steps, you may still get a good deal - regardless of whether you have been declared bankrupt under chapter 7 or chapter 13. It is true that your FICO score is going to be very low for the next several years, but you can still find lenders who are more than willing to refinance your mortgage, that too, at a favorable term. You just have to learn where and how to find those lenders. You should not find it very difficult because refinancing is not a very risky venture for the lenders. Following are some of the important things that you need to take into your careful consideration in this regard.
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Prepayment On Your Current Mortgage
If you are considering mortgage refinance after bankruptcy, you must do your calculations careful. For example, you must know exactly how much your current lender is going to charge you as a penalty for the prepayment. However, not all lenders charge a prepayment fee. You may still want to go for the refinance even if you have to pay an early-pay-off fee, but you must take that expense in account.
There Are Several Fees You Have To Pay
It is not just the prepayment fee. In fact, when it comes to mortgage refinance after bankruptcy, there are several other fees as well that you may have to pay, such as attorney fees, mortgage application fee, loan origination fee, mortgage insurance fee, and the fee for new title search. Therefore, you are strongly recommended to set some money aside to meet these expenses.
Determine How Much You Can Afford To Pay As Monthly Installment
The next thing that you have to do is to determine how much amount you can easily afford to pay towards the monthly payment of the new mortgage. Make a list of all your income sources and expenses. It will give you a correct figure in this regard. You should take all the expenses into account, such as electricity bill, food expenses, water bill, car payments, and any outstanding debt.
What is more, you must also research about the interest rates that different lenders are offering to you. Compare their offers with each other thoroughly in order to decide which among them is the most suitable for you for a mortgage refinance after bankruptcy.
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